February 1, 2023
The revenues for the current financial year till January 2023 are 24% higher
The Central GST (CGST) was INR 28,963 crore
State GST (SGST) stood at INR 36,730 crore
The IGST collection also included INR 37,118 crore
India’s Goods and Services Tax (GST) collection in January 2023 reached INR 1.55 trillion, the second highest-ever mop-up for the GST collection, according to a report from the Ministry of Finance.
The revenues for the current financial year up to January 2023 are 24% higher, compared to the same period last year. According to the report, the total amount collected was INR 1,55,922 crore, which included INR 28,963 crore in Central GST (CGST), INR 36,730 crore in State GST (SGST), INR 79,599 crore in Integrated GST (IGST) and INR 10,630 crore in cess.
Media reports said that the IGST collection also included INR 37,118 crore collected on the import of goods and the cess collection included INR 768 crore collected on the import of goods.
For the third consecutive time in FY23, the GST collection surpassed the INR 1.5 trillion bracket and has been the second-highest since it reached INR 1.68 trillion in the same fiscal.
According to the Finance Ministry report, various efforts by the government have been made to increase the tax base and improve compliance in 2022, and as a result, the percentage of filing of GST returns (GSTR-3B) and the statement of invoices (GSTR-1), till the end of the month have increased.
In the October-December 2022 quarter, a total of 2.42 crore GST returns were filed compared to 2.19 crore in the same quarter of 2021.